Ethereum Improvement Proposals (EIPs) are standards specifying potential new features or processes for Ethereum. Here are some of the most common or widely used EIPs along with their descriptions and uses:
EIP-20: ERC-20 Token Standard
- Description: Defines a standard interface for fungible tokens, allowing them to be used across multiple platforms and exchanges.
- Usage: Most tokens issued on the Ethereum blockchain are ERC-20 compliant. They include a set of functions and events that allow for the transfer and approval of tokens.
EIP-721: ERC-721 Non-Fungible Token Standard
- Description: Defines a standard interface for non-fungible tokens (NFTs), which are unique and not interchangeable.
- Usage: Used for creating digital assets like art, collectibles, and in-game items that are unique and can be owned and traded.
EIP-1559: Fee Market Change for ETH 1.0 Chain
- Description: Introduces a new fee model that includes a base fee, which is burned, and a tip (priority fee) to incentivize miners. It aims to make transaction fees more predictable.
- Usage: Helps in stabilizing gas fees and reducing the volatility of transaction costs. It also introduces a deflationary mechanism by burning a portion of the transaction fees.
EIP-1155: Multi Token Standard
- Description: Provides a standard interface for contracts that manage multiple token types, including both fungible and non-fungible tokens.
- Usage: Used in gaming and other applications where multiple types of tokens are needed, allowing for batch transfers and reduced transaction costs.
EIP-2612: Permit – 712-Signed Transactions for ERC-20 Tokens
- Description: Extends ERC-20 to allow approvals via signatures, reducing the need for on-chain transactions for token approvals.
- Usage: Enables gasless transactions and improves user experience by allowing users to sign messages instead of sending transactions for token approvals.
EIP-721: ERC-721 Metadata Extension
- Description: An extension of the ERC-721 standard to include metadata for NFTs, such as name, description, and URL to a resource.
- Usage: Enhances the functionality of NFTs by allowing additional information to be stored and retrieved, often used in digital art and collectibles.
EIP-1271: Standard Signature Validation Method for Contracts
- Description: Specifies a method for smart contracts to validate signatures, which is useful for verifying off-chain signed messages.
- Usage: Enhances security and usability for contracts that need to verify signatures, often used in decentralized finance (DeFi) and multi-signature wallets.
EIP-1820: Pseudo-introspection Registry Contract
- Description: Introduces a global registry where contracts can publish which interfaces they implement, allowing for more dynamic interaction between contracts.
- Usage: Facilitates better interoperability and introspection, enabling contracts to interact more dynamically and flexibly.
These EIPs form the backbone of many Ethereum applications, providing standardized interfaces and processes that developers can rely on when building decentralized applications (dApps) and smart contracts.
